Walgreens/Rite Aid-Berlin NH

Retail-Commercial for Sale
Catylist Listing ID: 30180173
Property Subtypes: Free-Standing Building
Building Size (RSF): 7,520 SF
Gross Building Area: See Agent
Sale Price: $1,150,000
Unit Price: $152.93 PSF
Property Use Type: Net Leased Investment (NNN), Investment
Sale Terms: Undisclosed
Cap Rate: Undisclosed
Last Updated: 4/15/2019

Overview / Comments

Rite Aid for Sale set to become Walgreens!!
The subject property is comprised of two parcels in Berlin NH. One parcel is a corner lot located at the corner of Mason Street and Pleasant St with an address of 200 Pleasant Street in Berlin, NH. the second parcel is a parking lot used for additional parking. Current Tenant is Rite Aid. 7,520 +/- SF building and sits on .38 Acres of land. Approximately 18+/-
parking spots. Current Lease extension period expires 1/31/19. Rite Aid just elected to renew the lease for an additional 5 years, showing their commitment to this site extending the lease until 1/31/2024. Additionally, this store is set to be assumed by Walgreens!! Rite Aid has (1) additional 5-year option period remaining.

***Property is being valued based on the renewal rent of $106,800. The sellers are pledging the difference in the current rent from now-1/31/2019, when the renewal rent is set to begin.

Rite Aid Rent Schedule:
Current- 2/1/2014-1/31/2019 $84,000/Annually
3rd Option **EXERCISED- 2/1/2019-1/31/2024 $96,600/Annually
4th Option- 2/1/2024-1/31/2029 $111,090/Annually

The second lot is located next to the Rite Aid parcel on Pleasant St. It is a vacant lot used for additional parking. This is a 0.13 AC lot which runs until 1/31/19 has been extended to 1/31/2024. There are 2 remaining options to extended this lease agreement for 5 year periods pushing this lease out until 2034, should all renewals be used.

Parking Lot Rent Schedule:
Current (2nd Option)- 2/1/2014- 1/31/2019 $9,000/Annually
3rd Option- 2/1/2019- 1/31/2024 $10,200/Annually
4th Option- 2/1/2024-1/31/2029 $11,300/Annually
5th Option- 2/1/2029- 1/31/2034 $12,400/ Annually

Total Lot Size between two parcel: 0.51 AC
218 FT of Frontage on Pleasant Street
130 FT of Frontage on Mason Street
Book/Page: 661/212
Approximately 5,800 +/- cars a day!


Finance Data Year 2017
Real Estate Taxes - Annual($) $7,500 (Annual)

Additional Details

Nearest MSA: Berlin
County: Coos
Tax ID/APN: 119/31
Zoning: DT
Lot Frontage: 218

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 5,331 9,078 13,147
Median Age: 42.8 44.37 45.19
Households: 2,492 3,756 5,536
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